Due to the rising healthcare costs, many seniors are starting to get worried about their health and finances. To cover for their healthcare costs, a Gallup study has found that senior citizens have withdrawn as much as $22 billion from their savings. Thus, instead of living a healthy and fulfilled life, around 77% of seniors experience anxiety from all the healthcare expenses.
Through a medical insurance program, however, senior citizens can save more, while also getting access to proper healthcare services. Here’s all that you need to know about these medical insurance programs.
What is medical insurance and what are its benefits?
Medical insurance is a program that covers specific healthcare expenses that senior citizens may acquire. Depending on the coverage that you choose, these programs can help with medical, consultation, surgical, and other expenses.
Though there’s a wide range of options available, Medicare is one of the most popular programs among Americans aged 65 and above. Unlike other programs, however, Medicare has a strict sign-up period. If you’re not getting Social Security or Railroad Retirement Board benefits, you need to apply for Medicare three months before you turn 65. It’s still possible to enrol at a later date, but there are some penalties.
Nonetheless, signing up for these insurance programs is a must so that you can enjoy the following benefits:
Huge savings from healthcare expenses
According to Fidelity Investments’ 2019 analysis, women aged 65 and above may have to pay as much as $150,000 for healthcare expenses, while men have to pay $135,000. However, senior citizens can pay for far less if they opt to get medical insurance. For instance, Medicare Part A comes at no cost. Part B, on the other hand, has an average premium of $134 monthly.
Extra coverage for your well-being
Different kinds of health insurance programs can also cover other expenses related to your health and well-being. In fact, your insurance can pay for more ergonomic equipment that’s prescribed by your doctor. Ergonomics, such as standing desk converters, can help you reduce the common aches and pains you may experience from sitting for a long period of time. Meanwhile, other policies cover fitness programs, granting you a gym membership, free classes, and other exercise-related perks. These are offered to entice you to stay fit and healthy. There are many other types of coverage, of course, so study your options to see what suits you best.
Access to telehealth services
Other healthcare insurance programs can also give you extra coverage for telehealth services. For instance, Humana, a Medicare organization, partnered with telehealth start-up, Heal. Through this collaboration, Humana seeks to extend the spectrum of home-based care, allowing for more accessible health services. Because of this, your insurance can cover teletherapy and other telehealth consultations. This makes telehealth services a viable option for senior citizens with limited mobility.
Factors to consider before getting insurance
Items covered by your insurance
Health insurance programs offer different kinds of coverage. Medicare has various coverage options so you can choose which plan suits your needs the most. To illustrate, most senior citizens are enrolled in Medicare Part A, which takes care of in-patient, hospice, and nursing care expenses. Part B, on the other hand, offers coverage for doctor consultations, lab tests, medical equipment, and other outpatient services. If Medicare Part A and Part B seem limited to you, you can widen your coverage by applying for Medicare Advantage. Case in point: Humana’s Medicare Advantage plans give you access to the same coverage as the Original Medicare plans. Plus, it also provides assistance with dental, vision, and hearing care!
Your preferences and needs
Insurance programs can help you pay for hospice care and nursing home expenses. However, this may not be the most ideal choice for everyone. Multiple polls revealed that 40% of senior citizens prefer to age in place. If you feel the same way, consider getting a program that can give you everything you need at home, such as home modifications and caregivers. Make sure that the program caters to your specific needs so that you can utilize your policy fully.
Health insurance programs offer a lot of medical and financial benefits. But because there’s such a wide variety of options, it’s prudent to study them before signing up for a specific program. Check if their coverage aligns with your expectations to ensure that you get the best plan for your lifestyle.
Exclusively written for ANSWERSforELDERS.com
By: Raynne Jaimie
Image source: Pexels
